How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ben Jones Your Own Question
Ben Jones
Ben Jones, UK Lawyer
Category: Scots Law
Satisfied Customers: 4
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
29905560
Type Your Scots Law Question Here...
Ben Jones is online now

Is the law different in Scotland when terminating a

Customer Question

Is the law different in Scotland when terminating a Discretionary Trust ? What documents do we need to terminate this Trust which all parties want to do.
Submitted: 1 year ago.
Category: Scots Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
I can wait longer.
The beneficiaries and the Trustees are agreed that the Trust should be terminated. The Trust is based on a property which our daughter lives in and we do not want any repayment from her.I understand that we need a Deed of Appointment and a Termination of a Trust document. There is no IHT liability - this has been confirmed by our accountant. I feel that if all parties are willing it should be a simple matter to end there Trust
With thanks
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Customer: replied 1 year ago.
Thank youI will be away from1p.m. today until Wednesday p.m.I look forward to hearing from youAngela Batty
Expert:  JGM replied 1 year ago.
The first thing to look at is the trust document itself. What does it say about termination? What is the purpose of the trust? To what extent have the trust purposes been accomplished? If the purpose of the trust was to provide a home for your daughter and if that has been accomplished then there would be no reason why the trustees couldn't convey the property which presumably would have the effect of winding up the trust as well as disposing of the property from the trust. Happy to discuss further.